Brierley expects good result for full year

Press, 13 April 1989, Page 23

Brierley expects good result for full year

Brierley Investments expects a good result for the full current financial year “given a satisfactory result to our planned investment activities,” says the chairman, Sir Ronald Brierley. He makes the comment in the printed report to shareholders on the company’s result for the halfyear ended December 31. The tax-paid profit for the period, as previously reported, was $175 million. The interim dividend was 4.5 c a share, and was payable on April 7. The issue price of bonus shares in lieu of dividend is 141 c a share. Sir Ronald says the improvement experienced in the latter part of 1988 had

carried through into this year. Although the market remained uncertain, the sustained improvement in the group’s operating base and quality of its portfolio would provide an adequate balance in maintaining a “cautious but aggressive” investment programme. The balance sheet total at December 31 is up to $14.2 billion from $11.3 billion at June 30. This is largely due to the consolidation of Woolworths ($2.2 billion) and the change in the AustralianNew Zealand exchange rate ($800M). Group liquidity remains high, with more than $2 billion in cash, and un-

drawn committed credit lines. Sales for the six months ended December 31 were $6,459 billion, compared with $5,505 billion the previous corresponding half-year. Shareholders’ funds are at $2,359 billion ($841.5M issued capital, $1,517 billion in reserves)/] compared with $2,184 billion. Shares held by Brierley’s in public companies were in the books at $3,777 billion on December 31, compared with $4,718 billion. The investment fluctuation reserve was $253,491,000 at December 31, compared with $430,592,000 on June 30.